N-CSR 1 filing5167.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES



Investment Company Act file number    811-02841



Fidelity Capital Trust

 (Exact name of registrant as specified in charter)



245 Summer St., Boston, Massachusetts 02210

 (Address of principal executive offices)       (Zip code)



Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)





Registrant's telephone number, including area code:

617-563-7000





Date of fiscal year end:

October 31





Date of reporting period:

October 31, 2022







Item 1.

Reports to Stockholders







Fidelity® Stock Selector Small Cap Fund
 
 
Annual Report
October 31, 2022
Includes Fidelity and Fidelity Advisor share classes

Contents

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended October 31, 2022
 
Past 1
year
Past 5
years
Past 10
years
Class A (incl.5.75% sales charge)    
-21.71%
7.36%
9.96%
Class M (incl.3.50% sales charge)    
-20.09%
7.54%
9.87%
Class C    
(incl. contingent deferred sales charge)
 
-18.34%
7.77%
9.90%
Fidelity® Stock Selector Small Cap Fund
-16.73%
8.95%
10.92%
Class I
-16.72%
8.94%
10.92%
Class Z
-16.62%
9.09%
11.01%
 
 
 
Class C shares' contingent deferred sales charges included in the past one year, past five years and past ten years total return figures are 1%, 0% and 0%, respectively.
The initial offering of Class Z shares took place on February 1, 2017. Returns prior to February 1, 2017, are those of Class I.
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Stock Selector Small Cap Fund, a class of the fund,  on October 31, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period.
 
 
Market Recap:
U.S. equities returned -14.61% for the 12 months ending October 31, 2022, according to the S&P 500 ® index, as a multitude of risk factors challenged the global economy and financial markets. Persistently high inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. In late 2021, the Fed shifted to a more "hawkish" (restrictive) policy stance and proceeded to hike its benchmark rate five times, by a total of 3%, between March and September - the fastest-ever pace of monetary tightening - while taking substantive steps to shrink its massive asset portfolio. Against this hostile backdrop for risk assets, the S&P 500 ® posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month for stocks that stayed true to form, and then some, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded this period, with the S&P 500 shedding 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. For the full 12 months, the growth-oriented communication services (-41%) and consumer discretionary (-29%) sectors lagged most. In sharp contrast, energy (+65%) had a strong run, followed by consumer staples (+5%).
Comments from Co-Lead Managers Morgen Peck and Shadman Riaz:
For the fiscal year ending October 31, 2022, the fund's share classes (excluding sales charges, if applicable) returned about -18% to -17%, outpacing the -18.54% result of the benchmark Russell 2000 ® Index. Versus the benchmark, stock selection was the primary contributor, led by the consumer discretionary sector, particularly the retailing area. Security selection in industrials and an overweighting in energy also bolstered the fund's relative result. The fund's largest individual relative contributor was an outsized stake in Antero Resources, which gained 82% the past year and was the portfolio's largest holding. The fund's non-benchmark stake in HF Sinclair, another one of our biggest holdings at period end, gained roughly 75%. Another notable relative contributor was an overweighting in EXL Service (+48%), also among our largest holdings. In contrast, the largest detractor from performance versus the benchmark was stock selection in the financials sector, particularly within the banks category. Also hampering the fund's relative result was an underweighting in utilities and an overweighting in consumer discretionary. The fund's biggest individual relative detractor was an outsized stake in Crocs, which returned -56% the past 12 months. Also hurting performance was an overweighting in SiTime, which returned about -66%. We decreased our position the past year. Our overweighting in Figs, which returned approximately -72%, further detracted. This was a position we established the past 12 months. Notable changes in positioning include a higher allocation to the energy and materials sectors.
 
Note to Shareholders: On November 16, 2021, Jennifer Fo Cardillo assumed co-management responsibilities for the fund. Shadman Riaz transitioned from co-manager to co-lead manager, joining Morgen Peck.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
Top Holdings (% of Fund's net assets)
 
Antero Resources Corp.
1.7
 
ExlService Holdings, Inc.
1.7
 
Denbury, Inc.
1.6
 
HF Sinclair Corp.
1.5
 
Commercial Metals Co.
1.5
 
Northern Oil & Gas, Inc.
1.4
 
Atkore, Inc.
1.3
 
Murphy U.S.A., Inc.
1.3
 
SPX Technologies, Inc.
1.2
 
Academy Sports & Outdoors, Inc.
1.2
 
 
14.4
 
 
Market Sectors (% of Fund's net assets)
 
Industrials
16.8
 
Financials
15.2
 
Health Care
14.9
 
Information Technology
11.9
 
Consumer Discretionary
11.8
 
Energy
8.7
 
Materials
5.6
 
Real Estate
5.3
 
Consumer Staples
4.1
 
Utilities
2.1
 
Communication Services
1.8
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 11.9%
Geographic Diversification (% of Fund's net assets)
 
*    Includes Short-Term investments and Net Other Assets (Liabilities).  
Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.
 
 
Showing Percentage of Net Assets  
Common Stocks - 98.0%
 
 
Shares
Value ($)
(000s)
 
COMMUNICATION SERVICES - 1.8%
 
 
 
Interactive Media & Services - 0.4%
 
 
 
Ziff Davis, Inc. (a)
 
90,000
6,965
Media - 1.3%
 
 
 
Nexstar Broadcasting Group, Inc. Class A
 
78,500
13,447
TechTarget, Inc. (a)
 
108,798
7,023
Thryv Holdings, Inc. (a)
 
275,800
5,643
 
 
 
26,113
Wireless Telecommunication Services - 0.1%
 
 
 
Gogo, Inc. (a)
 
155,800
2,215
TOTAL COMMUNICATION SERVICES
 
 
35,293
CONSUMER DISCRETIONARY - 11.8%
 
 
 
Auto Components - 1.8%
 
 
 
Adient PLC (a)
 
313,700
10,973
Fox Factory Holding Corp. (a)
 
108,800
9,558
Gentherm, Inc. (a)
 
76,400
4,463
LCI Industries
 
57,300
6,080
Patrick Industries, Inc.
 
123,700
5,654
 
 
 
36,728
Diversified Consumer Services - 0.4%
 
 
 
Laureate Education, Inc. Class A
 
584,900
7,393
Hotels, Restaurants & Leisure - 2.4%
 
 
 
Brinker International, Inc. (a)
 
316,500
10,568
Churchill Downs, Inc.
 
80,900
16,820
Everi Holdings, Inc. (a)
 
270,800
5,140
Hilton Grand Vacations, Inc. (a)
 
167,600
6,577
Jack in the Box, Inc.
 
75,500
6,661
Lindblad Expeditions Holdings (a)
 
150,700
1,264
 
 
 
47,030
Household Durables - 1.3%
 
 
 
M.D.C. Holdings, Inc. (b)
 
165,104
5,029
Skyline Champion Corp. (a)
 
260,500
15,164
Tempur Sealy International, Inc.
 
213,500
5,741
 
 
 
25,934
Internet & Direct Marketing Retail - 0.2%
 
 
 
Vivid Seats, Inc. Class A (b)
 
581,967
4,772
Leisure Products - 0.6%
 
 
 
Acushnet Holdings Corp. (b)
 
133,700
6,226
Clarus Corp. (b)
 
442,137
5,354
 
 
 
11,580
Specialty Retail - 3.1%
 
 
 
Academy Sports & Outdoors, Inc. (b)
 
528,400
23,265
Dick's Sporting Goods, Inc.
 
77,500
8,816
Murphy U.S.A., Inc.
 
83,050
26,120
Rent-A-Center, Inc.
 
179,300
3,738
 
 
 
61,939
Textiles, Apparel & Luxury Goods - 2.0%
 
 
 
Capri Holdings Ltd. (a)
 
143,200
6,541
Crocs, Inc. (a)
 
198,300
14,030
Deckers Outdoor Corp. (a)
 
25,400
8,888
Kontoor Brands, Inc. (b)
 
278,800
9,953
 
 
 
39,412
TOTAL CONSUMER DISCRETIONARY
 
 
234,788
CONSUMER STAPLES - 4.1%
 
 
 
Beverages - 0.5%
 
 
 
Primo Water Corp.
 
713,600
10,411
Food & Staples Retailing - 2.0%
 
 
 
BJ's Wholesale Club Holdings, Inc. (a)
 
286,600
22,183
Performance Food Group Co. (a)
 
224,800
11,699
Sprouts Farmers Market LLC (a)
 
183,700
5,419
 
 
 
39,301
Food Products - 1.3%
 
 
 
Darling Ingredients, Inc. (a)
 
72,500
5,690
Nomad Foods Ltd. (a)
 
887,900
13,674
The Simply Good Foods Co. (a)
 
180,900
6,928
 
 
 
26,292
Personal Products - 0.3%
 
 
 
BellRing Brands, Inc. (a)
 
262,600
6,360
TOTAL CONSUMER STAPLES
 
 
82,364
ENERGY - 8.7%
 
 
 
Energy Equipment & Services - 1.5%
 
 
 
Liberty Oilfield Services, Inc. Class A
 
1,201,048
20,310
TechnipFMC PLC (a)
 
862,700
9,136
 
 
 
29,446
Oil, Gas & Consumable Fuels - 7.2%
 
 
 
Antero Resources Corp. (a)
 
958,188
35,133
Denbury, Inc. (a)
 
349,209
31,921
Enviva, Inc. (b)
 
121,300
7,259
HF Sinclair Corp.
 
480,200
29,374
Magnolia Oil & Gas Corp. Class A
 
517,100
13,279
Northern Oil & Gas, Inc.
 
800,722
27,337
 
 
 
144,303
TOTAL ENERGY
 
 
173,749
FINANCIALS - 15.2%
 
 
 
Banks - 8.9%
 
 
 
East West Bancorp, Inc.
 
129,300
9,254
First Bancorp, Puerto Rico
 
1,121,900
17,715
Glacier Bancorp, Inc. (b)
 
196,200
11,238
Independent Bank Group, Inc.
 
152,800
9,640
Metropolitan Bank Holding Corp. (a)
 
83,700
5,524
PacWest Bancorp
 
573,400
14,255
Pathward Financial, Inc.
 
287,400
12,079
Pinnacle Financial Partners, Inc.
 
101,800
8,448
Preferred Bank, Los Angeles
 
131,500
10,108
ServisFirst Bancshares, Inc.
 
109,800
8,271
Synovus Financial Corp.
 
449,100
17,897
Trico Bancshares
 
327,317
18,955
United Community Bank, Inc. (b)
 
551,500
21,233
Webster Financial Corp.
 
141,464
7,676
Western Alliance Bancorp.
 
77,000
5,172
 
 
 
177,465
Capital Markets - 2.4%
 
 
 
Focus Financial Partners, Inc. Class A (a)
 
154,200
5,365
Houlihan Lokey
 
103,600
9,254
Lazard Ltd. Class A
 
332,400
12,535
LPL Financial
 
32,200
8,232
TMX Group Ltd.
 
131,900
12,681
 
 
 
48,067
Consumer Finance - 0.7%
 
 
 
FirstCash Holdings, Inc.
 
133,500
13,143
Insurance - 1.7%
 
 
 
Assurant, Inc.
 
58,600
7,961
Primerica, Inc.
 
100,200
14,499
Selective Insurance Group, Inc.
 
127,270
12,483
 
 
 
34,943
Thrifts & Mortgage Finance - 1.5%
 
 
 
Essent Group Ltd.
 
370,300
14,656
Walker & Dunlop, Inc.
 
163,642
14,721
 
 
 
29,377
TOTAL FINANCIALS
 
 
302,995
HEALTH CARE - 14.7%
 
 
 
Biotechnology - 7.3%
 
 
 
ADC Therapeutics SA (a)
 
103,581
460
ALX Oncology Holdings, Inc. (a)
 
149,800
1,819
Arcutis Biotherapeutics, Inc. (a)
 
221,100
3,909
Argenx SE ADR (a)
 
25,131
9,749
Ascendis Pharma A/S sponsored ADR (a)
 
32,406
3,727
Blueprint Medicines Corp. (a)
 
172,600
8,948
Celldex Therapeutics, Inc. (a)
 
128,600
4,518
Cerevel Therapeutics Holdings (a)
 
219,300
6,132
Cytokinetics, Inc. (a)
 
258,300
11,277
Day One Biopharmaceuticals, Inc. (a)
 
337,100
7,126
Erasca, Inc. (a)
 
470,800
3,846
Exelixis, Inc. (a)
 
350,300
5,808
Imago BioSciences, Inc. (a)
 
241,600
4,107
Instil Bio, Inc. (a)(b)
 
468,725
1,547
Janux Therapeutics, Inc. (a)(b)
 
266,500
4,818
Keros Therapeutics, Inc. (a)
 
185,100
9,318
Mirati Therapeutics, Inc. (a)
 
69,600
4,685
Morphic Holding, Inc. (a)
 
104,238
2,920
PTC Therapeutics, Inc. (a)
 
135,800
5,136
Relay Therapeutics, Inc. (a)(b)
 
213,100
4,735
Scholar Rock Holding Corp. warrants 12/31/25 (a)(c)
 
7,350
35
Tango Therapeutics, Inc. (a)
 
620,500
4,989
Tyra Biosciences, Inc. (a)
 
457,100
3,163
Vaxcyte, Inc. (a)
 
133,739
5,832
Vera Therapeutics, Inc. (a)
 
206,100
3,842
Verve Therapeutics, Inc. (a)(b)
 
286,439
10,799
Xenon Pharmaceuticals, Inc. (a)
 
193,871
7,090
Zentalis Pharmaceuticals, Inc. (a)
 
196,548
4,931
 
 
 
145,266
Health Care Equipment & Supplies - 1.8%
 
 
 
Envista Holdings Corp. (a)
 
225,900
7,457
Figs, Inc. Class A (a)(b)
 
618,900
4,567
Globus Medical, Inc. (a)
 
42,200
2,827
Inspire Medical Systems, Inc. (a)
 
30,300
5,907
Integer Holdings Corp. (a)
 
46,563
2,902
Omnicell, Inc. (a)
 
46,800
3,619
TransMedics Group, Inc. (a)
 
188,200
9,075
 
 
 
36,354
Health Care Providers & Services - 3.2%
 
 
 
Acadia Healthcare Co., Inc. (a)
 
192,300
15,634
agilon health, Inc. (a)
 
391,400
7,769
Molina Healthcare, Inc. (a)
 
50,100
17,979
Owens & Minor, Inc.
 
245,560
4,175
R1 Rcm, Inc. (a)
 
431,500
7,620
Surgery Partners, Inc. (a)
 
167,800
4,562
Tenet Healthcare Corp. (a)
 
91,400
4,055
The Oncology Institute, Inc. (a)(c)
 
373,842
1,697
 
 
 
63,491
Health Care Technology - 0.6%
 
 
 
Evolent Health, Inc. (a)
 
385,540
12,264
Life Sciences Tools & Services - 0.5%
 
 
 
Olink Holding AB ADR (a)
 
231,373
4,241
Syneos Health, Inc. (a)
 
88,500
4,459
 
 
 
8,700
Pharmaceuticals - 1.3%
 
 
 
Arvinas Holding Co. LLC (a)
 
147,200
7,317
DICE Therapeutics, Inc. (a)
 
138,700
4,925
Edgewise Therapeutics, Inc. (a)
 
552,500
5,254
Enliven Therapeutics, Inc. (d)
 
378,877
1,514
Fulcrum Therapeutics, Inc. (a)
 
253,100
1,407
Theseus Pharmaceuticals, Inc.
 
137,146
738
Ventyx Biosciences, Inc. (b)
 
155,000
5,017
 
 
 
26,172
TOTAL HEALTH CARE
 
 
292,247
INDUSTRIALS - 16.8%
 
 
 
Aerospace & Defense - 0.3%
 
 
 
V2X, Inc. (a)
 
120,500
4,939
Building Products - 1.7%
 
 
 
Builders FirstSource, Inc. (a)
 
226,837
13,987
Masonite International Corp. (a)
 
110,800
7,926
Simpson Manufacturing Co. Ltd.
 
136,210
11,643
 
 
 
33,556
Commercial Services & Supplies - 0.7%
 
 
 
Casella Waste Systems, Inc. Class A (a)
 
112,500
9,204
The Brink's Co.
 
92,400
5,510
 
 
 
14,714
Construction & Engineering - 4.1%
 
 
 
Comfort Systems U.S.A., Inc.
 
100,476
12,387
Construction Partners, Inc. Class A (a)
 
327,200
10,189
Dycom Industries, Inc. (a)
 
86,600
10,234
EMCOR Group, Inc.
 
139,040
19,619
Granite Construction, Inc.
 
232,600
7,846
IES Holdings, Inc. (a)
 
295,215
9,754
NV5 Global, Inc. (a)
 
86,000
12,466
 
 
 
82,495
Electrical Equipment - 1.7%
 
 
 
Atkore, Inc. (a)
 
278,470
26,538
Regal Rexnord Corp.
 
29,700
3,758
Thermon Group Holdings, Inc. (a)
 
157,855
2,804
 
 
 
33,100
Machinery - 3.4%
 
 
 
Federal Signal Corp.
 
372,900
17,396
ITT, Inc.
 
86,020
6,571
Kadant, Inc.
 
40,500
7,207
Oshkosh Corp.
 
77,900
6,855
SPX Technologies, Inc. (a)
 
360,300
23,722
Timken Co.
 
91,000
6,487
 
 
 
68,238
Professional Services - 2.6%
 
 
 
ASGN, Inc. (a)
 
200,300
16,981
CACI International, Inc. Class A (a)
 
24,600
7,479
CRA International, Inc.
 
67,100
6,894
KBR, Inc.
 
189,700
9,441
TriNet Group, Inc. (a)
 
168,274
10,934
 
 
 
51,729
Trading Companies & Distributors - 2.3%
 
 
 
Beacon Roofing Supply, Inc. (a)
 
177,200
9,985
Finning International, Inc.
 
177,000
3,764
GMS, Inc. (a)
 
162,800
7,684
Rush Enterprises, Inc. Class A
 
396,088
19,761
Univar Solutions, Inc. (a)
 
197,600
5,035
 
 
 
46,229
TOTAL INDUSTRIALS
 
 
335,000
INFORMATION TECHNOLOGY - 11.9%
 
 
 
Communications Equipment - 0.5%
 
 
 
Extreme Networks, Inc. (a)
 
502,200
9,009
Electronic Equipment & Components - 3.4%
 
 
 
Advanced Energy Industries, Inc.
 
231,200
18,184
Fabrinet (a)
 
168,340
19,258
Insight Enterprises, Inc. (a)
 
157,900
14,923
Napco Security Technologies, Inc.
 
252,300
7,170
TD SYNNEX Corp.
 
88,500
8,099
 
 
 
67,634
IT Services - 3.8%
 
 
 
Cyxtera Technologies, Inc. Class A (a)
 
1,085,727
2,627
Endava PLC ADR (a)
 
101,000
7,700
ExlService Holdings, Inc. (a)
 
189,133
34,394
Perficient, Inc. (a)
 
138,600
9,282
WNS Holdings Ltd. sponsored ADR (a)
 
259,850
22,368
 
 
 
76,371
Semiconductors & Semiconductor Equipment - 1.4%
 
 
 
FormFactor, Inc. (a)
 
127,200
2,571
MACOM Technology Solutions Holdings, Inc. (a)
 
170,300
9,855
Onto Innovation, Inc. (a)
 
122,450
8,185
SiTime Corp. (a)
 
29,800
2,676
Synaptics, Inc. (a)
 
51,000
4,519
 
 
 
27,806
Software - 2.6%
 
 
 
Five9, Inc. (a)
 
46,600
2,808
Intapp, Inc. (a)
 
233,448
5,243
Manhattan Associates, Inc. (a)
 
55,200
6,716
NCR Corp. (a)
 
137,200
2,917
Qualys, Inc. (a)
 
34,400
4,904
Rapid7, Inc. (a)
 
175,300
7,936
SPS Commerce, Inc. (a)
 
54,700
6,921
Tenable Holdings, Inc. (a)
 
334,100
13,578
 
 
 
51,023
Technology Hardware, Storage & Peripherals - 0.2%
 
 
 
Avid Technology, Inc. (a)
 
177,369
4,876
TOTAL INFORMATION TECHNOLOGY
 
 
236,719
MATERIALS - 5.6%
 
 
 
Chemicals - 1.3%
 
 
 
Element Solutions, Inc.
 
490,500
8,437
Huntsman Corp.
 
475,800
12,732
Tronox Holdings PLC
 
407,400
4,889
 
 
 
26,058
Construction Materials - 0.7%
 
 
 
Eagle Materials, Inc.
 
118,900
14,543
Containers & Packaging - 0.5%
 
 
 
O-I Glass, Inc. (a)
 
549,400
8,961
Metals & Mining - 2.5%
 
 
 
Arconic Corp. (a)
 
210,700
4,374
Commercial Metals Co.
 
641,800
29,202
Constellium NV (a)
 
527,800
5,816
Warrior Metropolitan Coal, Inc.
 
163,090
6,057
Yamana Gold, Inc.
 
1,148,500
5,030
 
 
 
50,479
Paper & Forest Products - 0.6%
 
 
 
Louisiana-Pacific Corp.
 
115,500
6,543
Sylvamo Corp.
 
102,200
4,923
 
 
 
11,466
TOTAL MATERIALS
 
 
111,507
REAL ESTATE - 5.3%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 4.6%
 
 
 
EastGroup Properties, Inc.
 
56,100
8,790
Elme Communities (SBI)
 
599,800
11,450
Equity Commonwealth
 
346,700
9,070
Essential Properties Realty Trust, Inc.
 
388,400
8,358
Lamar Advertising Co. Class A
 
77,500
7,148
LXP Industrial Trust (REIT)
 
1,360,800
13,173
Sunstone Hotel Investors, Inc.
 
936,800
10,445
Terreno Realty Corp.
 
388,800
22,216
 
 
 
90,650
Real Estate Management & Development - 0.7%
 
 
 
Cushman & Wakefield PLC (a)
 
408,300
4,716
Jones Lang LaSalle, Inc. (a)
 
59,400
9,450
 
 
 
14,166
TOTAL REAL ESTATE
 
 
104,816
UTILITIES - 2.1%
 
 
 
Gas Utilities - 1.8%
 
 
 
Brookfield Infrastructure Corp. A Shares
 
538,200
23,207
ONE Gas, Inc. (b)
 
150,500
11,661
 
 
 
34,868
Independent Power and Renewable Electricity Producers - 0.3%
 
 
 
Clearway Energy, Inc. Class C
 
189,300
6,576
TOTAL UTILITIES
 
 
41,444
 
TOTAL COMMON STOCKS
  (Cost $1,667,747)
 
 
 
1,950,922
 
 
 
 
Convertible Preferred Stocks - 0.2%
 
 
Shares
Value ($)
(000s)
 
HEALTH CARE - 0.2%
 
 
 
Biotechnology - 0.1%
 
 
 
Dianthus Therapeutics, Inc. Series A (c)(e)
 
422,467
1,577
ValenzaBio, Inc. Series A (a)(c)(e)
 
125,214
743
 
 
 
2,320
Pharmaceuticals - 0.1%
 
 
 
Aristea Therapeutics, Inc. Series B (a)(c)(e)
 
186,831
1,465
 
TOTAL CONVERTIBLE PREFERRED STOCKS
  (Cost $3,980)
 
 
 
3,785
 
 
 
 
U.S. Treasury Obligations - 0.1%
 
 
Principal
Amount (f)
(000s)
 
Value ($)
(000s)
 
U.S. Treasury Bills, yield at date of purchase 2.59% to 2.89% 11/17/22 to 12/1/22 (g)
 
  (Cost $1,618)
 
 
1,620
1,617
 
 
 
 
Money Market Funds - 4.6%
 
 
Shares
Value ($)
(000s)
 
Fidelity Cash Central Fund 3.10% (h)
 
34,188,569
34,195
Fidelity Securities Lending Cash Central Fund 3.10% (h)(i)
 
57,123,293
57,129
 
TOTAL MONEY MARKET FUNDS
  (Cost $91,324)
 
 
91,324
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.9%
  (Cost $1,764,669)
 
 
 
2,047,648
NET OTHER ASSETS (LIABILITIES) - (2.9)%  
(57,466)
NET ASSETS - 100.0%
1,990,182
 
 
 
Futures Contracts  
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
(000s)
 
Value ($)
(000s)
 
Unrealized
Appreciation/
(Depreciation) ($)
(000s)
 
Purchased
 
 
 
 
 
 
 
 
 
 
 
Equity Index Contracts
 
 
 
 
 
CME E-mini Russell 2000 Index Contracts (United States)
51
Dec 2022
4,725
332
332
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
 
 
 
 
Any values shown as $0 in the Schedule of Investments may reflect amounts less than $500.
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,517,000 or 0.3% of net assets.
 
(d)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(e)
Level 3 security
 
(f)
Amount is stated in United States dollars unless otherwise noted.
 
(g)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $446,000.
 
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
(000s)
Aristea Therapeutics, Inc. Series B
10/06/20 - 7/27/21
1,030
 
 
 
Dianthus Therapeutics, Inc. Series A
4/06/22
1,836
 
 
 
Scholar Rock Holding Corp. warrants 12/31/25
6/17/22
0
 
 
 
The Oncology Institute, Inc.
6/28/21
3,738
 
 
 
ValenzaBio, Inc. Series A
3/25/21
1,114
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate (Amounts in thousands)
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.10%
57,248
747,091
770,144
375
-
-
34,195
0.1%
Fidelity Securities Lending Cash Central Fund 3.10%
49,434
660,730
653,035
249
-
-
57,129
0.2%
Total
106,682
1,407,821
1,423,179
624
-
-
91,324
 
 
 
 
 
 
 
 
 
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Investment Valuation
 
The following is a summary of the inputs used, as of October 31, 2022, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
(Amounts in thousands)
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
  Investments in Securities:
 
 
 
 
 Equities:
 
 
 
 
Communication Services
35,293
35,293
-
-
Consumer Discretionary
234,788
234,788
-
-
Consumer Staples
82,364
82,364
-
-
Energy
173,749
173,749
-
-
Financials
302,995
302,995
-
-
Health Care
296,032
290,698
1,549
3,785
Industrials
335,000
335,000
-
-
Information Technology
236,719
236,719
-
-
Materials
111,507
111,507
-
-
Real Estate
104,816
104,816
-
-
Utilities
41,444
41,444
-
-
 U.S. Government and Government Agency Obligations
1,617
-
1,617
-
  Money Market Funds
91,324
91,324
-
-
 Total Investments in Securities:
2,047,648
2,040,697
3,166
3,785
  Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
332
332
-
-
  Total Assets
332
332
-
-
 Total Derivative Instruments:
332
332
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2022. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
 
(Amounts in thousands)
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a)  
332
0
Total Equity Risk
332
0
Total Value of Derivatives
332
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts)
 
 
 
October 31, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $53,893) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,673,345)
 
$1,956,324
 
 
Fidelity Central Funds (cost $91,324)
 
91,324
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,764,669)
 
 
$
2,047,648
Receivable for investments sold
 
 
 
3,192
Receivable for fund shares sold
 
 
 
1,317
Dividends receivable
 
 
 
167
Distributions receivable from Fidelity Central Funds
 
 
 
72
Receivable for daily variation margin on futures contracts
 
 
 
4
Prepaid expenses
 
 
 
3
  Total assets
 
 
 
2,052,403
Liabilities
 
 
 
 
Payable for investments purchased
 
 
 
 
Regular delivery
 
$838
 
 
Delayed delivery
 
1,455
 
 
Payable for fund shares redeemed
 
1,223
 
 
Accrued management fee
 
1,195
 
 
Distribution and service plan fees payable
 
38
 
 
Other affiliated payables
 
300
 
 
Other payables and accrued expenses
 
48
 
 
Collateral on securities loaned
 
57,124
 
 
  Total Liabilities
 
 
 
62,221
Net Assets  
 
 
$
1,990,182
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,730,440
Total accumulated earnings (loss)
 
 
 
259,742
Net Assets
 
 
$
1,990,182
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($98,903 ÷ 3,596 shares) (a)(b)
 
 
$
27.51
Maximum offering price per share (100/94.25 of $27.51)
 
 
$
29.19
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($14,222 ÷ 541 shares) (a)(b)
 
 
$
26.28
Maximum offering price per share (100/96.50 of $26.28)
 
 
$
27.23
Class C :
 
 
 
 
Net Asset Value and offering price per share ($15,666 ÷ 655 shares) (a)(b)
 
 
$
23.91
Stock Selector Small Cap :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($1,339,623 ÷ 47,041 shares)
 
 
$
28.48
Class I :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($296,360 ÷ 10,338 shares)
 
 
$
28.67
Class Z :
 
 
 
 
Net Asset Value , offering price and redemption price per share ($225,408 ÷ 7,879 shares)
 
 
$
28.61
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
(b)Corresponding Net Asset Value does not calculate due to rounding of fractional net assets and/or units
Statement of Operations
Amounts in thousands
 
 
 
Year ended
October 31, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
18,328
Special dividends
 
 
 
3,994
Interest  
 
 
13
Income from Fidelity Central Funds (including $249 from security lending)
 
 
 
624
 Total Income
 
 
 
22,959
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
11,904
 
 
 Performance adjustment
 
3,115
 
 
Transfer agent fees
 
3,207
 
 
Distribution and service plan fees
 
498
 
 
Accounting fees
 
597
 
 
Custodian fees and expenses
 
35
 
 
Independent trustees' fees and expenses
 
7
 
 
Registration fees
 
163
 
 
Audit
 
56
 
 
Legal
 
5
 
 
Miscellaneous
 
8
 
 
 Total expenses before reductions
 
19,595
 
 
 Expense reductions
 
(67)
 
 
 Total expenses after reductions
 
 
 
19,528
Net Investment income (loss)
 
 
 
3,431
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(15,631)
 
 
 Foreign currency transactions
 
4
 
 
 Futures contracts
 
(4,477)
 
 
Total net realized gain (loss)
 
 
 
(20,104)
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(379,148)
 
 
 Unfunded commitments
 
374
 
 
 Futures contracts
 
(611)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(379,385)
Net gain (loss)
 
 
 
(399,489)
Net increase (decrease) in net assets resulting from operations
 
 
$
(396,058)
Statement of Changes in Net Assets
 
Amount in thousands
 
Year ended
October 31, 2022
 
Year ended
October 31, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
3,431
$
(3,430)
Net realized gain (loss)
 
(20,104)
 
 
255,965
 
Change in net unrealized appreciation (depreciation)
 
(379,385)
 
464,504
 
Net increase (decrease) in net assets resulting from operations
 
(396,058)
 
 
717,039
 
Distributions to shareholders
 
(226,161)
 
 
(21,097)
 
Share transactions - net increase (decrease)
 
339,216
 
 
417,871
 
Total increase (decrease) in net assets
 
(283,003)
 
 
1,113,813
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,273,185
 
1,159,372
 
End of period
$
1,990,182
$
2,273,185
 
 
 
 
 
 
 
 
 
 
 
 
Financial Highlights
Fidelity Advisor® Stock Selector Small Cap Fund Class A
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
36.93
$
24.09
$
23.82
$
25.94
$
28.16
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.03) C
 
(.15)
 
(.07)
 
.01
 
.04 D
     Net realized and unrealized gain (loss)
 
(5.76)
 
13.42
 
.83
 
2.30
 
.43
  Total from investment operations
 
(5.79)  
 
13.27  
 
.76  
 
2.31  
 
.47
  Distributions from net investment income
 
-
 
-
 
(.02) E
 
(.01)
 
(.03)
  Distributions from net realized gain
 
(3.63)
 
(.43)
 
(.47) E
 
(4.42)
 
(2.65)
     Total distributions
 
(3.63)
 
(.43)
 
(.49)
 
(4.43)
 
(2.69) F
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- G
  Net asset value, end of period
$
27.51
$
36.93
$
24.09
$
23.82
$
25.94
 Total Return   H,I
 
(16.94)%
 
55.62%
 
3.15%
 
11.55%
 
1.73%
 Ratios to Average Net Assets B,J,K
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.21%
 
1.19%
 
1.32%
 
1.04%
 
.97%
    Expenses net of fee waivers, if any
 
1.21%
 
1.19%
 
1.32%
 
1.04%
 
.97%
    Expenses net of all reductions
 
1.21%
 
1.19%
 
1.31%
 
1.04%
 
.95%
    Net investment income (loss)
 
(.10)% C
 
(.45)%
 
(.29)%
 
.06%
 
.14% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
99  
$
108
$
52
$
37
$
23
    Portfolio turnover rate L
 
38%
 
59%
 
70%
 
56% M
 
68%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.29)%.
 
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .04%.
 
E The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
F Total distributions per share do not sum due to rounding.
 
G Amount represents less than $.005 per share.
 
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
I Total returns do not include the effect of the sales charges.
 
J Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
K Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
M Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Stock Selector Small Cap Fund Class M
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
35.46
$
23.20
$
23.00
$
25.21
$
27.49
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.10) C
 
(.23)
 
(.13)
 
(.05)
 
(.06) D
     Net realized and unrealized gain (loss)
 
(5.53)
 
12.92
 
.80
 
2.21
 
.43
  Total from investment operations
 
(5.63)  
 
12.69  
 
.67  
 
2.16  
 
.37
  Distributions from net realized gain
 
(3.55)
 
(.43)
 
(.46) E
 
(4.37)
 
(2.65)
     Total distributions
 
(3.55)
 
(.43)
 
(.46)
 
(4.37)
 
(2.65)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- F
  Net asset value, end of period
$
26.28
$
35.46
$
23.20
$
23.00
$
25.21
 Total Return   G,H
 
(17.19)%
 
55.24%
 
2.83%
 
11.20%
 
1.40%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.48%
 
1.46%
 
1.61%
 
1.35%
 
1.33%
    Expenses net of fee waivers, if any
 
1.48%
 
1.45%
 
1.60%
 
1.35%
 
1.33%
    Expenses net of all reductions
 
1.48%
 
1.45%
 
1.60%
 
1.35%
 
1.32%
    Net investment income (loss)
 
(.37)% C
 
(.71)%
 
(.58)%
 
(.24)%
 
(.22)% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
14  
$
17
$
8
$
7
$
5
    Portfolio turnover rate K
 
38%
 
59%
 
70%
 
56% L
 
68%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.56)%.
 
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.32)%.
 
E The amount shown reflects reclassifications related to book to tax differences that were made in the year shown. Amount has been revised from previously reported amount of $.47 per share.
F Amount represents less than $.005 per share.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Total returns do not include the effect of the sales charges.
 
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
L Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Stock Selector Small Cap Fund Class C
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
32.61
$
21.48
$
21.43
$
23.79
$
26.20
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.23) C
 
(.36)
 
(.23)
 
(.16)
 
(.17) D
     Net realized and unrealized gain (loss)
 
(5.05)
 
11.92
 
.75
 
2.06
 
.41
  Total from investment operations
 
(5.28)  
 
11.56  
 
.52  
 
1.90  
 
.24
  Distributions from net realized gain
 
(3.42)
 
(.43)
 
(.46) E
 
(4.26)
 
(2.65)
     Total distributions
 
(3.42)
 
(.43)
 
(.46)
 
(4.26)
 
(2.65)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- F
  Net asset value, end of period
$
23.91
$
32.61
$
21.48
$
21.43
$
23.79
 Total Return   G,H
 
(17.61)%
 
54.40%
 
2.33%
 
10.64%
 
.94%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
2.00%
 
1.98%
 
2.13%
 
1.86%
 
1.79%
    Expenses net of fee waivers, if any
 
1.99%
 
1.97%
 
2.13%
 
1.86%
 
1.79%
    Expenses net of all reductions
 
1.99%
 
1.97%
 
2.12%
 
1.86%
 
1.78%
    Net investment income (loss)
 
(.88)% C
 
(1.23)%
 
(1.10)%
 
(.76)%
 
(.68)% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
16  
$
19
$
8
$
8
$
6
    Portfolio turnover rate K
 
38%
 
59%
 
70%
 
56% L
 
68%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.08)%.
 
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.78)%.
 
E The amount shown reflects reclassifications related to book to tax differences that were made in the year shown. Amount has been revised from previously reported amount of $.47 per share.
F Amount represents less than $.005 per share.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Total returns do not include the effect of the contingent deferred sales charge.
 
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
L Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® Stock Selector Small Cap Fund
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
38.11
$
24.77
$
24.47
$
26.50
$
28.71
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.06 C
 
(.05)
 
- D
 
.08
 
.12 E
     Net realized and unrealized gain (loss)
 
(5.96)
 
13.82
 
.84
 
2.36
 
.43
  Total from investment operations
 
(5.90)  
 
13.77  
 
.84  
 
2.44  
 
.55
  Distributions from net investment income
 
(.06)
 
-
 
(.07) F
 
(.06)
 
(.11)
  Distributions from net realized gain
 
(3.67)
 
(.43)
 
(.47) F
 
(4.42)
 
(2.65)
     Total distributions
 
(3.73)
 
(.43)
 
(.54)
 
(4.47) G
 
(2.76)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
28.48
$
38.11
$
24.77
$
24.47
$
26.50
 Total Return   H
 
(16.73)%
 
56.11%
 
3.42%
 
11.90%
 
2.04%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.93%
 
.90%
 
1.02%
 
.75%
 
.68%
    Expenses net of fee waivers, if any
 
.93%
 
.90%
 
1.02%
 
.75%
 
.68%
    Expenses net of all reductions
 
.93%
 
.90%
 
1.01%
 
.75%
 
.67%
    Net investment income (loss)
 
.18% C
 
(.16)%
 
-% K
 
.36%
 
.43% E
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
1,340  
$
1,654
$
960
$
938
$
1,035
    Portfolio turnover rate L
 
38%
 
59%
 
70%
 
56% M
 
68%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.01)%.
 
D Amount represents less than $.005 per share.
 
E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .33%.
 
F The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
G Total distributions per share do not sum due to rounding.
 
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
K Amount represents less than .005%.
 
L Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
M Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Stock Selector Small Cap Fund Class I
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
38.34
$
24.93
$
24.54
$
26.57
$
28.78
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.05 C
 
(.06)
 
- D
 
.08
 
.12 E
     Net realized and unrealized gain (loss)
 
(5.99)
 
13.90
 
.86
 
2.37
 
.43
  Total from investment operations
 
(5.94)  
 
13.84  
 
.86  
 
2.45  
 
.55
  Distributions from net investment income
 
(.06)
 
-
 
- D,F
 
(.06)
 
(.11)
  Distributions from net realized gain
 
(3.67)
 
(.43)
 
(.47) F
 
(4.42)
 
(2.65)
     Total distributions
 
(3.73)
 
(.43)
 
(.47)
 
(4.48)
 
(2.76)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- D
  Net asset value, end of period
$
28.67
$
38.34
$
24.93
$
24.54
$
26.57
 Total Return   G
 
(16.72)%
 
56.03%
 
3.49%
 
11.87%
 
2.02%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.94%
 
.92%
 
1.01%
 
.76%
 
.69%
    Expenses net of fee waivers, if any
 
.94%
 
.91%
 
1.00%
 
.76%
 
.69%
    Expenses net of all reductions
 
.94%
 
.91%
 
1.00%
 
.75%
 
.68%
    Net investment income (loss)
 
.17% C
 
(.17)%
 
.02%
 
.35%
 
.42% E
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
296  
$
308
$
79
$
9
$
40
    Portfolio turnover rate J
 
38%
 
59%
 
70%
 
56% K
 
68%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.02)%.
 
D Amount represents less than $.005 per share.
 
E Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .31%.
 
F The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
H Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
K Portfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Stock Selector Small Cap Fund Class Z
 
Years ended October 31,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
38.27
$
24.85
$
24.55
$
26.59
$
28.81
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.09 C
 
(.02)
 
.03
 
.12
 
.16 D
     Net realized and unrealized gain (loss)
 
(5.98)
 
13.87
 
.86
 
2.36
 
.43
  Total from investment operations
 
(5.89)  
 
13.85  
 
.89  
 
2.48  
 
.59
  Distributions from net investment income
 
(.11)
 
-
 
(.12) E
 
(.10)
 
(.16)
  Distributions from net realized gain
 
(3.67)
 
(.43)
 
(.47) E
 
(4.42)
 
(2.65)
     Total distributions
 
(3.77) F
 
(.43)
 
(.59)
 
(4.52)
 
(2.81)
  Redemption fees added to paid in capital A
 
-
 
-
 
-
 
-
 
- G
  Net asset value, end of period
$
28.61
$
38.27
$
24.85
$
24.55
$
26.59
 Total Return   H
 
(16.62)%
 
56.26%
 
3.58%
 
12.05%
 
2.17%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.81%
 
.79%
 
.89%
 
.61%
 
.55%
    Expenses net of fee waivers, if any
 
.81%
 
.79%
 
.88%
 
.61%
 
.55%
    Expenses net of all reductions
 
.81%
 
.79%
 
.88%
 
.61%
 
.54%
    Net investment income (loss)
 
.30% C
 
(.04)%
 
.14%
 
.49%
 
.56% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (in millions)
$
225  
$
167
$
53
$
30
$
6
    Portfolio turnover rate K
 
38%
 
59%
 
70%
 
56% L
 
68%
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
 
C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .11%.
 
D Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .46%.
 
E The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
 
F Total distributions per share do not sum due to rounding.
 
G Amount represents less than $.005 per share.
 
H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
I Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
 
J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
 
K Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
L Portfolio turnover rate excludes securities received or delivered in-kind.
 
For the period ended October 31, 2022
( Amounts in thousands except percentages)
 
1. Organization.
Fidelity Stock Selector Small Cap Fund (the Fund) is a fund of Fidelity Capital Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Stock Selector Small Cap, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense Ratio A
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A   Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2022 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost   and include proceeds received from litigation.   Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.   Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.  
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to   futures contracts, foreign currency transactions, partnerships, capital loss carryforwards and   losses deferred due to wash sales and   excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$495,478
Gross unrealized depreciation
(215,738)
Net unrealized appreciation (depreciation)
$279,740
Tax Cost
$1,767,908
 
The tax-based components of distributable earnings as of period end were as follows:
 
Capital loss carryforward
$(19,028)
Net unrealized appreciation (depreciation) on securities and other investments
$279,082
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.